NRIs and OCI cardholders in Cyprus can buy and sell residential and commercial property in India, other than agricultural land and farmhouses, without RBI permission. On a sale, the buyer withholds tax at non-resident rates unless a lower certificate is obtained. Gains on Indian property are taxable in India under the treaty, and proceeds can be repatriated within limits.
- Document route
- Cypriot certifying officer and apostille, or Indian High Commission attestation
- Time difference
- IST is 2h30 ahead of Cyprus in summer and 3h30 in winter
- Rules
- FEMA (Non-Debt Instruments) Rules 2019
- Not allowed to buy
- Agricultural land, plantation, farmhouse
Buying & Selling Property from Cyprus: how it works
On a purchase, we run the title search, confirm approvals and encumbrances, and have your attorney holder complete the registration. For a sale, we verify title, draft the deed, apply for lower TDS where appropriate and plan the remittance.
We coordinate with your Cypriot adviser on how the Indian gain is treated in Cyprus.
For mixed couples, we advise on co-ownership by a non-OCI spouse, which is generally not permitted.
Indian shipping and fund professionals in Limassol often buy property in India through home loans; we coordinate with the lender on documents signed in Cyprus.
We also advise on the rental income tax position while you remain abroad.
What clients in Cyprus should know
- Seek the lower TDS certificate well before completion.
- Keep purchase records for tax.
- Coordinate tax treatment in both countries.
Step by step from Cyprus
Video consultation
A call at a time that suits Cyprus, after we have read your documents.
Documents signed in Cyprus
Cypriot certifying officer and apostille, or Indian High Commission attestation
Work in India
Our team files, appears and follows up in India, and shares scans of everything filed.
Result and handover
Certified copies and originals are couriered to you in Cyprus where needed.
The full guide
This page covers what changes when you are in Cyprus. For the law, the documents and the step-by-step procedure, read our main page on Buying & Selling Property, or see all services for clients in Cyprus and the NRI Property Law practice area.
Questions from clients in Cyprus
Can I buy a flat in India from Limassol?
Yes, as an NRI.
Is the gain taxed in Cyprus too?
Possibly, with credit for Indian tax; check with your adviser.
Can I send the money to Cyprus?
Yes, within limits after tax.
Can I take an Indian home loan from Cyprus?
Yes, many banks lend to NRIs.